Brighton Office:
01273 70 10 70
Crawley Office:
01293 40 10 40
Brighton Residential:
01273 60 10 60
Haywards Heath:
01444 45 84 44
For Sale: Restaurant/Residential Investment opportunity

7 High Street, Crawley, RH10 1BH

Interested in this property? Call our Crawley Office : 01293 40 10 40

The property is situated in a prominent location towards the southern end of the High Street within a short walk of County Mall Shopping Centre, Queens Square, and Crawley Bus and Railway Station. The High Street provides a good mix of retail, restaurant, public houses, leisure, financial and professional service and office occupiers.

Other nearby restaurant and bars include Chimichanga, ASK, Lemongrass, Wildwood, Prezzo, Mo Lin Chinese Restaurant, Taj Mahal Indian Restaurant, Leo's Tapas and The George Hotel, Octopus and The Hive Cocktail Bars.

Crawley has a current residential population of approximately 106,000 persons extending to 161,000 persons within a 10 kms radius.

KEY FEATURES

  • Prominent town centre location
  • Fully let with income growth potential
  • Current income £66,340 p.a.x

Fully let town centre freehold investment situated in Crawley High Street comprising an established restaurant (t/a Taormina) and five self-contained flats all let on AST's. VAT is only chargeable on the commercial element.

Price reduction for quick sale

PROPERTY DETAILS

Whole Building

DESCRIPTION

A mid-terrace three storey building comprising a ground floor fully fitted restaurant providing an approximately net internal floor area of 1,877 sq ft (179.4 m2) and five self-contained residential units above.

Ground Floor
Restaurant and Bar (approximately 70 covers)
Commercial kitchen
Male & female W.C's
Disabled W.C.
Staff W.C.

Upper Floors
1st Floor: 2 x spacious studio flats; 1 x one bedroom apartment
2nd Floor: 1 x one bedroom apartment; 1 x studio flat

TENURE

Freehold, subject to the following tenancies:-

Tenancies

Ground Floor - let on an effectively full repairing and insuring lease to a private individual (currently t/a Taormina www.taormina-restaurant.com) for a term of 25 years from 30 September 2011 at a current rent of £25,000 per annum exclusive, subject to 5 yearly upward only rent reviews. N.B. The September 2016 rent review is currently outstanding.

The lease is subject to both landlord and tenant break options every third anniversary of the term subject, in the case of the tenant, to various conditions including at least 6 months prior written notice.

Upper Floors - let on assured shorthold tenancies (at a current total annual rent of £41,340) as follows:-

7A - £650 per calendar month
7B - £675 per calendar month
7C - £750 per calendar month
7D - £695 per calendar month
7E - £675 per calendar month

The current total income is £66,340 per annum exclusive.

PRICE

Serious offers are invited in the region of £850,000 for the freehold interest, subject to the existing tenancies. A purchase at this level will provide a gross initial yield of 7.8% and a net initial yield of 7.4% allowing for purchase costs of 5.72%.

EPC

Rating F-144 - click here to download EPC

Whole Building For Sale: £850,000

Business Rates

Rateable Value: £20,250
Rates Payable: £9,436.50 (2017/18)
Council Tax: £TBC

Interested parties are advised to contact Crawley Borough Council on Tel: 01293 438000 or www.crawley.gov.uk to verify this information.

VAT

VAT is NOT chargeable on the residential element of this property. Further information on application.

Legal Fees

Each party to bear their own legal costs incurred in the transaction.

Viewing Arrangements

Strictly via prior appointment through Sole Agents Graves Jenkins

CONTACT

David Bessant MRICS
[email protected]


These particulars are believed to be correct but their accuracy is not guaranteed. They do not form any part of any contract. You should be aware that the Code of Practice on Commercial Leases in England and Wales strongly recommends you seek professional advice from a qualified surveyor, solicitor or licensed conveyancer before agreeing or signing a business tenancy agreement.